A lawsuit was filed on behalf of investors in Westpac Banking Corporation (NYSE: WBK) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 02/11/2020 -- An investor, who purchased shares of Westpac Banking Corporation (NYSE: WBK), filed a lawsuit over alleged violations of Federal Securities Laws by Westpac Banking Corporation.
Investors who purchased shares of Westpac Banking Corporation (NYSE: WBK) have certain options and for certain investors are short and strict deadlines running. Deadline: March 30, 2020. NYSE: WBK investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
On November 19, 2019, Westpac Banking Corporation was charged by the Australian Transaction Reports and Analysis Centre ("AUSTRAC") with over 23 million violations of the Anti-Money Laundering and Counter-Terrorism Financing Act (the "AML-CTF Act"). Among other things, AUSTRAC's Statement of Claim contends that the Company failed to distinguish money laundering or risky payments to and from Southeast Asia indicative of child sexual exploitation, despite Westpac senior management being "specifically briefed" in 2016 on how the bank's international digital payments service could be at risk for such abuse.
Shares of Westpac Banking Corporation (NYSE: WBK) declined from 20.56 per share on September 12, 2019 to as low as $16.31 per share on November 26, 2019.
The plaintiff claims that between November 11, 2015 and November 19, 2019, the defendants made false and/or misleading statements and/or failed to disclose that contrary to Australian law, the Company failed to report over 19.5 million international funds transfer instructions to AUSTRAC, Australia's anti money-laundering and terrorism financing regulator, that the Company did not appropriately monitor and assess the ongoing money laundering and terrorism financing risks associated with movement of money into and out of Australia, that the Company did not pass on requisite information about the source of funds to other banks in the transfer chain, that despite being aware of the heightened risks, the Company did not carry out appropriate due diligence on transactions in South East Asia and the Philippines that had known financial indicators relating to child exploitation risks, that the Company's AML/CTF Program was inadequate to identify, mitigate and manage money laundering and terrorism financing risks, and that as a result, defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Those who purchased shares of Westpac Banking Corporation (NYSE: WBK) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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